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Economics Final Exam Review!! Flashcards | StudBud
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Economics Final Exam Review!!
Economics Final Exam Review!!
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1
Which of the following is an example of a consumer?
person buying a coffee
doctor treating a patient
recording artist
worker in an auto plant
2
In the PPC curve shown, which points are attainable?
A & B
C & D
E & D
B & E
3
Adam Smith explains an economic system where the government does not intervene.
Molto faire
Laissez faire
Uber faire
Kind-a-faire
4
The term for the value of the next best alternative in an economic decision is
trade-off
cost-benefit analysis
free lunch
opportunity cost
5
Which of the following would cause the supply curve to shift to the left
the price of cars decreases
The price of glass increases and glass is used to make windows
More people move to an area
the price of wood decreases for deck producers
6
Entrepreneurs are people who
help settle labor disputes.
put together land, labor, & capital to create a business.
work on the floor of the stock exchange.
produce all of the country's guns & butter.
7
Which of the following is NOT a characteristic of perfect competition?
many differentiated products
freedom to enter and exit the market
standardized products
many buyers and many sellers
8
Another term for a free-market economy is a _________________ economy?
Capitalist
Traditional
Centrally-planned
Socialist
9
Which of the following is NOT a component of GDP?
government spending
investment
land
consumption
10
Which of the following is not a need?
shelter
food
cellular phone
air
11
The minimum wage is an example of a
deregulation
transfer payment
price floor
price ceiling
12
As the price of a good increases,
the market moves toward equilibrium
quantity demanded increases
quantity demanded decreases
quantity supplied decreases
13
Point E on the graph represents
how much more it costs to produce more food.
an impossible level of output for this economy to attain.
negative returns to the production possibilities frontier.
unemployment or underutilization of resources.
14
What is the difference between a credit and a debit card?
Debit cards are deducted from checking and credit cards are loans
Debit cards can purchase stock while credit cards cannot
Credit cards are deducted from checking and debit cards are loans
Debit cards are deducted from savings and credit cards from checking
15
The Supply Curve is upward-sloping because:
As price increases, so does profit
As price increases, producers want to sell less
As the price increases, so do costs.
As the price increases, consumers demand less.
16
The McDonald's corporation decision to stop producing the Hula Burger can best be described as
voluntary exchange
specialization
consumer sovereignty
competition
17
Price takers are
Sellers in an oligopoly
Consumers within a monopolistic market
natural monopolies
Sellers in a perfectly competitive market
18
Expenditures made by the household sector (individuals) is known as
capital
government spending
investment
consumption
19
Workers and ___________ pay for social security
the government
insurance
the lottery
employers
20
The greatest degree of economic specialization is most likely found in:
a poor rural area in India
a frontier farming community
a traditional fishing economy
an industrial society like USA
21
The provided circular flow diagram would best represent which economic system?
Traditional
Command/Control
Free-market
Modern Mixed
22
The current chair of the Fed (Federal Reserve) is...
Janet Yellen
Jeff Sessions
Jerome Powell
Nancy Pelosi
23
The demand for gasoline is
fixed
renewable
elastic
inelastic
24
Why are young consumers such an economic force in the market?
They don't spend enough time on their phones
large tax refunds
disposable income
They have limited wants
25
Economics is the study of how people
respond to natural disasters
calculate their income tax
gain knowledge & skills from study & experience
choose from limited resources to meet their needs
26
The most fundamental economic problem is how to answer the problem of:
Consumer excitement
Nuclear weapons
Scarcity
Recession
27
A place where buyers and sellers freely & willing exchange goods & services?
Bazaar
Market
Firm
Household
28
Goods that have few substitutes tend to have
elastic demand
elastic supply
inelastic demand
inelastic supply
29
Which of the following is not one of the factors of production?
Labor
Land
Scarcity
Capital
30
Apple v. Microsoft, Puma v. Adidas, Coke v. Pepsi
: these are all examples of
Stagnation
Inflation
Competition
Debit Ceiling
31
What has occurred: Uncle Rico tried to buy steak but they were out of steak for the day.
Natural disaster
Shortage
Consumer Sovereignty
Drought
32
When the supply curve shifts outwards, what is the effect on equilibrium price and quantity?
Price increases, quantity decreases
Price decreases, quantity decreases
Price increases, quantity increases
Price decreases, quantity increases
33
An economic system controlled entirely by the government
Free market
Capitalist
Command
Socialist
34
Which of the following is an advantage of a sole proprietorship?
Easier access to funds/ loans
Unlimited liability
Limited life
Maintain your own profits
35
Which of the following is NOT a characteristic of monopolistic competition?
complete control over prices since no close substitutes
Freedom to enter and exit markets
similar but differentiated products
Many buyers and many sellers
36
Which of the following is associated with Adam Smith?
Communism
Traditional Economics
Socialism
Capitalism
37
A market structure in which there are many sellers that offer slightly different products to consumers is called
corporate competition
oligopolistic competition
perfect competition
monopolistic competition
38
Which of the following is an example of an intermediate good?
car engine
SUV
television
smart phone
39
What is the difference between Medicare and Medicaid?
Medicare is for the elderly, Medicaid is for disabled and low income
Medicare is means-tested, Medicaid is not
Medicare is for the disabled and low income, Medicaid is for the elderly
You must be 65 or older to receive Medicaid. No age restrictions on Medicar
40
Which of the following is an example of leakage in the circular flow model?
government spending
savings
consumption
investment
41
Which of the following is not one of the factors of production?
Money
Labor
Capital
Entrepreneurship
42
Knowledge, experience, & education are examples of:
human capital
Wisdom
Labor skills
Physical capital
43
The Consumer Price Index (CPI) measures
the length of a recession
the unemployment rate
the price of market goods to calculate inflation
supply and demand equilibrium
44
What economic theory explains why nations produce military or consumer goods?
Guns or Butter
Tanks or Pancakes
Honey or Grenades
Milk or Helicopters
45
When two companies merge that produce similar products
horizontal merger
increased competition
vertical merger
limited partnership
46
Which of the following is a disadvantage of a corporation?
limited life
small profits
unlimited liability
double taxation
47
Scarcity is a problem because of the tension between limited resources & unlimited:
choice
needs
goods
wants
48
Which of the following is the least risky?
preferred stock
common stock
mutual fund
certificate of deposit (CD)
49
When a Supply or Demand curve increase, the curve shifts to the
left
down
right
up
50
What are the two most popular economic systems?
capitalism and socialism
command and socialism
capitalism and traditionalism
communism and socialism
51
The supply of gasoline is
elastic
renewable
fixed
inelastic
